Wednesday, August 10, 2011

Enron of Kansas?

Moral: Wherein we forget Big Ben and Little Timmy for the moment and look at a good example of the ca-pital-sino nature of our modern economy with its infatuation with the big chimera.


How? By considering Westar, a little energy company in the mid-west. Actually, the company is not the focus, but a CEO who was a 'pure' capitalist but who really is as representative of what's wrong with his ilk as was Made-off an example of his genre. Too, he is an example for others who may not have access to gigantic sums but still maneuver for suspect gains.

The guy's name is David. Here is an exert from an editorial at the WEagle about him: A former Wall Street hotshot hired to prepare the company for a deregulation of electricity that never came to Kansas, Wittig oversaw a period during which Westar piled up debt, attempted misguided mergers, battled regulators and shed jobs, all the while paying for outrageous executive salaries and perks.


It has been some saga. Granted, David saw some time behind bars. Yet, did he learn anything? Did we?

Rhonda (see the editorial) is right; where was there any culpability assigned from the last downturn that was precipitated by obvious, and identifiable, idiocy (oh, being such is not illegal?)?


We have gone on about the new royalty. This is a prime example. The news source says that Westar customers are not going to pay; no, it's coming from a fund set aside for this purpose.

What? Tell that to the woman who was on the front page with an electric bill of over $500 for one month which was an amount several multiples beyond any before. Of course, mix in the rate raises that have been approved, and you'll see the problem.


We have seen several examples lately of quasi-governmental (notion that the commonweal ought not be privatized), and even non-profit, companies paying exorbitant amounts to executives. Foxes in the hen house, for sure.


07/25/2015 -- They're after their 20th (or more) increase in the last few years.

05/11/2012 -- Featuring Jamie

Modified: 07/25/015

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